Ron Muhlenkamp

Ron Muhlenkamp's Quarterly Memorandum To Investors

Ron Muhlenkamp's memorandum to investors for the third quarter 2014.

My first draft of this letter, which I wrote three weeks ago began with:

  • Europe has not solved its problems;
  • Nor has Japan;
  • Nor has China;
  • Nor has the U.S.

The rest of that draft is now obsolete.

Since mid-September, several items have changed—some economic, some market-related, some psychological.


  1. The International Monetary Fund (IMF) has lowered its estimate of world exclusively for paying members. Access all of our content on including years of timeless investment news and in depth analysis for only a few dollars a month by signing up here while also supporting quality content and journalism, or learn more about our premium content here

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